After Retirement

with climate change, a Spanish winter in 20 years could be like their summers now...
 
Reactions: mtk
But how many of us (now retired for many years) will be around to enjoy those Spanish summers in winter?
I'm happy to look at one year at a time.
 
Black Sheep said:
But how many of us (now retired for many years) will be around to enjoy those Spanish summers in winter?
I'm happy to look at one year at a time.
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If climate change produces 30 degree heat in the Spanish winter, then the country will be uninhabitable.
So will most of the Mediterranean.
Maybe, we'll be the lucky ones, who have departed when catastrophic climate change is burning the planet.
 
Allpartied said:
If climate change produces 30 degree heat in the Spanish winter, then the country will be uninhabitable.
So will most of the Mediterranean.
Maybe, we'll be the lucky ones, who have departed when catastrophic climate change is burning the planet.
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Funny this topic should arise. I’m on holiday in Portugal at the moment and my better half would love a place down here but I’m less keen in part because it has become so expensive and in part because I wonder about the longer term impact of climate change. There’s so many new developments and golf courses down here all competing for water and space that I have to wonder what will the place look like in 10-20 years time when there’s no water available and the summers are too hot.
 
by that stage the summers here will be nice and so too the winters in Portugal, we hope........
 
Gordon Gekko said:
I think €5k a month in today’s money is a really good number.
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We decided on €5k per month too. Though we find we arent even spending half that now. Maybe the pandemic has a lot to do with that but I would be surprised if we ended up spending more than €3.5k per month when the pandemic is over.
 
€5k a month nett is excellent revenue to have. How much would you have to earn gross to take that pay home?
 
Assume no real overheads like mortgage, that's the killer when working like myself, tax rates, particularly the higher band and the mortgage,
 
We constantly have the downsizing/rightsizing discussion in our household. After trimming a number of my garden hedges for the third time this year, the dust gathering in the unused rooms/museums, trying to get a plumber and a painter to do some jobs about the place we will really have to make a decision soon.

A few weeks back I thought that we might like to purchase a south facing apartment.....but after that week of horrendous heat, when sleeping at night was so difficult I am not so sure. Yes, in the autumn and winter time it would be nice but not during the hot summer months...

I like my space. Our existing house has plenty of space both inside and out. I also live on a nice tree lined road that for the most part is relatively quiet. It is nice having breakfast in the garden.

To be honest I think that I am afraid to make the move now. What if it goes wrong?
 
Maybe a decent approach would be to hedge one’s bets somewhat and move but keep the house for a while? Then the whole thing could be reversed, with the obvious caveat around a crash in property prices.

For people with the cash to do that, fine. But some people could rent as a means of dipping their toe in the water.

I did think about using a Seniors Money loan, but the main home needs to be your PPR, so that might be a problem.
 
I would have about 80% of the cash required to purchase a two bed apartment in the area where I live. A few developments taking place in the area at the moment. Mount Merrion/Blackrock/Stillorgan. I could rent out my existing home but would need to spend money on it first to bring it up to the required standard. Maybe about €50k. I could get a very high rent on my existing home, about €50/€60k per annum. I have never been a landlord so reluctant to get involved. Though it makes sense to do this as the rent would cover my apartment costs in Ireland and fund a holiday rental abroad.
 
I’ve toyed with the idea of buying abroad for retirement purposes but decided against it. Unless you’re very familiar with an area you’re planning on moving to, you’re taking a big chance.

I think renting abroad, particularly in the early stages, is a better option. You have none of the responsibilities of home ownership and you have the flexibility to try a number of different options should you get fed up with any single area.

Also, you want to be able to relax while abroad without having to worry about decorating, upkeep, home insurance, utility bills etc. A cousin of mine bought a beautiful apartment in Italy some years ago but seems to spend his holidays tending to some sort of domestic issue - broken washing machine, residents association issues etc. It’s not all chianti and tiramisu. He also pays about 1000 a year in management fees.

Think also about the lifetime cost. Off season rental in many resorts is very reasonable. You could spend two months abroad for a couple of grand. Over say 20 years, this is a lot less expensive than forking out a six figure sum on some property that you’ll be tied to in the long term.
 
I don't know what age you are, but I'm presuming you're past retirement age. Do you really want to get involved in the renting game at this stage for a few bob you probably don't need?
 
Y
noproblem said:
I don't know what age you are, but I'm presuming you're past retirement age. Do you really want to get involved in the renting game at this stage for a few bob you probably don't need?
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You could also consider short term corporate lets which might be a bit less hassle, particularly if you want to move back.
 
Or just not bothering to rent it out at all if you’re unsure whether you really want to leave your home.

AirBnB and the like are transformational really in terms of the ability to source good long-term rentals and not having to tie-up too much capital.
 
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